DJIA sheds 207 pts, S&P 500 below 5,950 as Trump rally fades; Apple gains by $3/share

DJIA Index US Stock Market Today: US equity benchmarks fell connected Thursday amid selling unit successful industrial, user discretionary, health, existent property and worldly stocks, though buying involvement successful prime vigor and exertion stocks saved the marketplace from deeper cuts. A nascent rally that began with Donald Trump's triumph successful the 2024 US predetermination past week continued to fade, portion affirmative economical information supported capitalist sentiment. Blue-chip indices Dow Jones Industrial Average (DJIA) and S&P 500 fell 0.5-0.6 per cent, shedding 207.3 points to 43,750.9 and 36.2 points to 5,949.2 respectively. The exertion stocks-heavy Nasdaq Composite gave up 123.1 points, oregon 0.6 per cent, to settee astatine 19,107.7. 

The DJIA scale traded lone concisely successful the affirmative portion aft starting the time up 74.2 points and gyrated successful a 376-point scope earlier settling adjacent the 43,750 mark. 

The Nasdaq Composite fell for the 3rd league successful a row, taking its cumulative losses to 191.1 points, oregon 1.0 per cent. 

Jerome Powell's Remarks

Fed Chair Jerome Powell said the US cardinal slope request not unreserved to easiness monetary argumentation further, dashing nascent hopes of 1 much complaint chopped successful 2024. 

Speaking astatine an event, Powell said the Fed tin deliberate cautiously connected complaint cuts arsenic the US system is inactive increasing and its occupation marketplace is coagulated portion ostentation remains supra its 2 per cent target.

This month, the US cardinal slope lowered cardinal lending rates by 25 ground points, arsenic wide expected, citing a coagulated gait of economical enactment and ostentation continuing to determination towards the American cardinal bank's 2 per cent target. The Fed Open Market Committee (FOMC), the US cardinal bank's rate-deciding panel, decided unanimously connected the rate. 

Meanwhile, the Fed Chair has said that the 2024 US statesmanlike predetermination volition person nary interaction connected its argumentation decisions successful the adjacent term.

US Jobs Data

Official information connected jobless claims successful the world's largest economy, a cardinal indicator of economical enactment tracked intimately by investors and analysts globally, showed that the fig of Americans filing for unemployment benefits fell past week. Initial jobless claims dropped by 4,000 to 2,17,000 for the week ended November 9, according to the US Labor Department.

Investors awaited a cardinal US stockpiles update and Fed official Thomas Barkin's speech, owed aboriginal successful the day, for cues. 

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Apple Shares

The Apple banal gained by $3.1, oregon 1.4 per cent, to adjacent astatine $228.2 apiece.

Tesla Shares

The banal of Tesla, led by billionaire Elon Musk, slumped by $19.1, oregon 5.6 per cent, to settee astatine $311.2 per share—its 2nd nonaccomplishment since the US predetermination day.

Tesla is among a fewer stocks that got a boost from the US predetermination outcome.

DJIA Index: Top gainers & losers 

Eighteen DJIA stocks closed lower, with Salesforce (down 3.0 per cent), Cisco (down 2.1 per cent), Unitedhealth Group (down 2.1 per cent), Amgen (down 1.8 per cent), Boeing (down 1.3 per cent), Amazon.com (down 1.2 per cent) and Walmart (down 1.2 per cent) being the worst hit. 

On the different hand, Walt Disney (up 6.2 per cent), Chevron (up 1.9 per cent), Apple (up 1.4 per cent), 3M (up 0.7 per cent and McDonald's (up 0.4 per cent) were the apical gainers successful the 30-scrip index.

With inputs from agencies

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